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TIDE WEST OIL COMPANY REPORTS IMPROVED RESULTS FOR FIRST QUARTER

 TULSA, Okla., May 12 /PRNewswire/ -- Tide West Oil Company (NASDAQ: TIDE) today announced increases in revenues and net income for the first quarter ended March 31, 1993, compared to the same quarter a year ago. Revenues for the most recent period were $5.7 million compared to $1.5 million in the year-earlier quarter. Income before the effect of a non-recurring charge from a change in accounting principle was $1,064,947, or 15 cents per share, compared to $469,810, or 9 cents per share, a year ago. After the effect of the accounting change, net income for the first quarter of 1993 was $764,947, or 10 cents per share. Results for the most recent quarter also included a $603,000 provision for income taxes; no income tax provision was made in the first quarter of 1992.
 Philip B. Smith, president, attributed the improved results primarily to oil and gas property acquisitions, the resulting increased oil and gas sales, and substantially higher prices for natural gas. During 1992, Tide West completed 15 acquisitions of oil and gas properties, incurring capital expenditures of $28.8 million. The company received an average of $1.83 per Mcf for the 2.2 billion cubic feet of natural gas it produced in the most recent quarter, compared to $1.43 per Mcf for the 800 million cubic feet it produced in the same quarter a year ago. Oil prices were virtually unchanged. Natural gas comprises more than 80 percent of the company's proved reserves and production.
 During the first quarter of 1993, the company sold 3,450,000 shares of common stock, realizing net proceeds of approximately $32.0 million, of which approximately $12.6 million was used to reduce debt. At March 31, 1993, the company had current assets of $34.5 million, including $24.2 million of unrestricted cash. Total current liabilities at March 31, 1993 were $17.0 million.
 Subsequent to the end of the first quarter of 1993, Tide West purchased interests in 16 operated properties located in Oklahoma and New Mexico. The total purchase price was $3.6 million for net proved reserves of 315,000 barrels of oil and 3.1 billion cubic feet of gas. President Smith commented, "The improved liquidity resulting from the recent completion of the stock offering and our improved operating cash flows should allow us to continue our growth through additional acquisitions of oil and gas properties."
 Tide West Oil Company is an independent oil and gas company focused on the acquisition and enhancement of producing oil and gas properties.
 TIDE WEST OIL COMPANY
 Three months ended March 31 1993 1992
 Revenues $5,671,039 $ 1,467,375
 Pre-tax operating cash flow (A) 3,448,708 905,601
 Income before effect
 of accounting change 1,064,947 469,810
 Effect of accounting change (B) (300,000) --
 Net income $ 764,947 $ 469,810
 Per share:
 Before effect of accounting change $ .15 $ .09
 Effect of accounting change (.05) --
 Net income $ .10 $ .09
 Weighted average shares outstanding 7,314,102 5,161,948
 (A) Equals pre-tax operating income plus depreciation, depletion and amortization and any non-recurring and one-time exploration expenses.
 (B) Non-recurring charge for cumulative effect of change in accounting principle.
 PRODUCTION AND SALES DATA
 Oil produced (Bbls) 63,001 17,502
 Average sales price (per Bbl) $17.32 $17.25
 Natural gas produced (Mcf) 2,153,314 805,808
 Average sales price (per Mcf) $1.83 $1.43
 -0- 5/12/93
 /CONTACT: Philip B. Smith, president, or Douglas J. Flint, vice president-operations of Tide West Oil Company, 918-488-8962, or Larry Howell of Howell Communications, Inc., 214-340-9994, for Tide West Oil Company/
 (TIDE)


CO: Tide West Oil Company ST: Oklahoma IN: OIL SU: ERN

SM -- NY077 -- 7662 05/12/93 14:35 EDT
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Publication:PR Newswire
Date:May 12, 1993
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